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Section 500.4669 Sponsored Captive Insurance Companies; Applicability of Terms and Conditions in Chapter 48 Pertaining to Protected Cell Insurance Company.

MI Comp L § 500.4669 (2019) (N/A)
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Sec. 4669.

(1) Except as otherwise provided in this chapter, the terms and conditions provided in chapter 48 relating to a protected cell insurance company apply in full to a sponsored captive insurance company.

(2) Except as otherwise provided, all of the following apply to a sponsored captive insurance company:

(a) A protected cell need not be established solely for the purpose of effecting insurance securitizations, but may be established for the purpose of isolating the expenses and claims of a sponsored captive insurance company participant.

(b) The sponsored captive insurance company shall attribute all insurance obligations, assets, and liabilities relating to a participant's risks to the participant's protected cell.

(c) Section 4805 does not apply.

History: Add. 2008, Act 29, Imd. Eff. Mar. 13, 2008 Popular Name: Act 218

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